WPP has announced a recruitment freeze lasting through the first quarter of 2019, according to sources quoted by Bloomberg.
The news service said the Group had been considering hiring around 2,000 new employees, but will now put this on hold for at least the next five months. Staff were notified in a memo a week ago last Friday.
Reports also suggest that WPP agency Ogilvy UK has offered voluntary redundancy to staff, as it restructures operations. According to www.marketing-interactive.com , COO John Cornwell reportedly stated: 'the offer of voluntary redundancy is the final stage in Ogilvy UK's transformation journey. Our intent is to be as transparent as possible and provide our people with choices as we continue to reshape our business for the future'.
The news comes hard on the heels of a fall in third quarter revenue for both WPP and Kantar, announced by new CEO Mark Read (pictured) in the last week of October. The same day, the firm also confirmed it had started a formal process to review the future ownership of Kantar, with WPP retaining a stake in the business but with a majority sale a strong possibility.
The Group, which last froze recruitment in 2009, is online at www.wpp.com .
All articles 2006-18 written and edited by Mel Crowther and/or Nick Thomas.